Dear CFP professionals,
In keeping with the theme of Rajesh’s letter, for this Journal message, I want to celebrate our more recent history – in particular, what we’ve accomplished together for CFP certification and the financial planning profession in India over the past two years.
When FPSB Ltd. took over direct administration of the CFP certification program in India in April 2019, we told you we would rebuild capabilities in India, streamline and strengthen the pathway to CFP certification, and demonstrate to you the value of CFP certification and of being part of a connected, growing Indian and global CFP professional community. I’m pleased to say we’ve delivered, and plan to keep doing so.
When we took over the program, there were 1,513 CFP professionals in India. By the end of June 2021, there were already 2,255 CFP professionals – this 50% growth is testament to the work being done by Rajesh and the team in India to deliver value through webinars, CPD opportunities and promotion; facilitating your certification renewals; onboarding newly certified professionals; and securing NISM accreditation for Investment Advisor licensing. So far this year, FPSB Ltd. has renewed certification for 798 CFP professionals, certified 415 new CFP professionals and reinstated 40 CFP professionals who had previously allowed their certification to lapse.
Two years ago, we had a disconnect between the education courses and exams being delivered in India, with thousands of candidates stalled in the pipeline or challenged to pass the CFP exams. FPSB Ltd. worked with global and Indian content specialists to create a new education and credentialing pathway to CFP certification to facilitate more structured learning and recognition opportunities for candidates for CFP certification in India. Either though self-study or one of our 14 Authorized Education Providers, candidates can now complete their education through three specialist education courses and our FPSB® Integrated Financial Planning course (launched last month) and sit for one of FPSB Ltd.’s specialist or CFP exams. By end of June, FPSB Ltd. had registered 533 new students and delivered 2,677 in-person and 1,673 online exams. By the end of 2021, we will transition all eligible candidates for certification from our legacy program (the five-exam model) to FPSB’s new program and we anticipate strong growth figures for end of year 2021.
We’ve benefitted greatly from the insights and guidance of our India CFP Professional Advisory Council which, in addition to ensuring we understand the needs and interests of CFP professionals in India, has stepped forward to lead our innovative mentorship program for candidates for CFP certification in India.
FPSB Ltd. is committed to increasing engagement and connectivity among educators/trainers, practicing CFP professionals and firms, and industry, consumer and media groups interested in promoting the value of advice from competent and ethical financial advisors. As we shift our focus from building operating capacity and program capability, you can expect to see more promotion, outreach and engagement efforts from us to you and other key stakeholders in the coming months.
We can’t do this without you, and are humbled by your continued support and commitment to our mission and vision that all Indians can live their best today, and plan their tomorrow. We welcome hearing from you, and to having your join as ambassadors, mentors or volunteers our efforts to establish financial planning as a recognized profession in India, with CFP certification its symbol of excellence.
Onward, forward and upward, together, for the profession and for the public we serve.
Noel Maye
Chief Executive Officer
Financial Planning Standards Board Ltd.